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I’m a law firm partner and want to switch firms. Besides my book of business, what else can I do to increase my marketability?
When a lateral partner seeks to move his/her practice, the first items firm management assesses are the hard numbers. And there are lots of them: Fees billed, fees collected, write-offs, realization rates, originations, working attorney numbers, billable hour rates, rack rates, discounted rates, billable hours, non-billable hours, business development hours, and compensation…numbers, numbers and more numbers. And a three to five year history of all these numbers to boot.
Next up: The Clients. Who are they, what industry, nature of the relationship, length of the relationship, portability, yearly revenue…and specifics on matters, cases and deals. Step 3: The Creds. Academic credentials and law firm history – sizing up the quality of both. Finally, The Strategic Fit. Where does this person’s practice fit in with the office/firm? Are their synergies with other practices? What value will this lawyer bring to the firm?
It’s all pretty clinical. Or is it? Is there anything else a partner can do outside of the hard numbers, the portable clients, the creds and the strategic fit assessment to boost his/her attractiveness in the market? Yes.
It’s called The Business Plan.
If done right, the lateral partner business plan can be a material asset to a partner’s candidacy. And in my opinion, if you create one, it’s got to be your best stuff. Thoughtful. Strategic. Detailed. Well written. Persuasive. A business plan can tell your story and articulate your value, your goals and the detailed steps you are going to take to reach them. It can help the firm connect with a partner candidate, better understand his/her candidacy and make the partner a safer bet in the eyes of firm management. In fact, some firms now require a business plan as part of the application process – which is a trend I believe will continue…and should.
So what exactly is a business plan and what should it include? There is a lot to say about this topic, and if I went into the level of detail to truly satisfy The Lawyer Whisperer group members; my post would read more like a novella. So for now, I will provide a high level suggested list and will save my novella for another time:
A great business plan can be an asset and serve to elevate marketability of a candidacy. It’s one of the rare tools you have within your control that can make a difference. Can it overcome large deficiencies or objections? Probably not. But it can enhance a candidacy and tip the scales in your favor if you’re on the edge. And as you start the next chapter of your career, don’t forget to use this great tool you’ve created to move your practice to the next level. It’s just the roadmap you’ll need…to build the practice you’ll need for years to come.
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